Crucial role played in international financial markets; Extremely low-risk profile, and strong regulatory and legal framework; and Implicit market support. Low level of absolute capital considering substantial operational risk inherent in settlement and custody activities. The ratings on Euroclear Bank S.A. reflect the company's very low-risk profile, as well as the crucial role it maintains in the international financial markets as operator of the Euroclear clearing and settlement system. Given the Euroclear system's importance as a global leader in international securities clearing, settlement, and custody, Standard&Poor's considers that there is an incentive for central banks and securities market participants to ensure that the company remains able to meet its clients' clearing obligations. Since its creation in 2000, Euroclear
